In a major development, the cooperative banks of Bihar will sell e-stamps required for the registration of land or selling other things. Through an order, the state government has given the responsibility of stamp sales from the Stock Holding Company of India to cooperative banks.
Earlier the e-stamps were sold in the state by the Stock Holding Company of India. In return, the company gets a commission of 1 percent.
The work has been given to cooperative banks after many complaints of irregularities in the sale of stamps. It has been noted that stamps will be bought by the stock holding company and to the common public, it will be given by the cooperative banks.
On average, the cooperative banks will be able to earn an annual profit of Rs 30 crores. It is reported that there are over 120 registration centers in the state out of which cooperative banks have already started selling e-stamps at 70 centers.
According to data, last year the stamps worth five thousand crores were sold in the state and the target set for this year is 6k crore.
It is worth mentioning that the Cooperative banks of the state are expanding their footprints steadily. They have a strong reach at the grassroots level and it will be easy for locals to purchase the e-stamps at the respective district banks.
Earlier, the news of e-stamping counters at many district cooperative banks of Bihar hogged the media headlines. Recently, Deputy Development Commissioner Supaul, District Co-operative Officer cum Managing Director, District Central Co-operative Bank Ltd., Supaul launched the e-stamping counter.
There are 23 district central cooperative banks in Bihar and 8,463 PACs. The work on the computerization of PACs is going on and It is said that over 4.35 lakh will be spent on the computerization of each PACs. This plan is to be completed in three years. With this, all income-expenditure loans will be made online.
